Suffolk Federal’s First Time Home Buyer Seminar Provides First-Time Home
Buyers Tools to Enable them to Purchase the Home of their Dreams
First Time Home Buyer Seminar to take Place in Sayville
The purchase of a new home is one of the largest investments a person will make during his/her lifetime. The process can be exciting yet overwhelming. Avoiding costly mistakes, requires that a purchaser is working from a financially secure position with proper information, tools and knowledge.
To support first time home buyers in Suffolk County with navigating the home buying process, Suffolk Federal offers its members the Federal Home Loan Bank of New York’s First Home Club (“FHC”), a program designed to assist moderate and low-income first-time homebuyers in the purchase of a new home.
“Through the First Home Club, we are able to offer potential first time home purchasers the opportunity to save ahead of time for all costs involved,” said Ralph D. Spencer Jr., President & CEO of Suffolk Federal. “For each $1 saved, eligible members can receive $4 in matching grant funds (up to $7,500) to use towards their down payment and closing costs.”
Suffolk Federal is also hosting a FREE First Time Home Buyer Seminar in Sayville where purchasers can receive a comprehensive home buying overview with specialists who will provide valuable information about financing options as well as information and resources pertaining to the real estate market, mortgage, contracts, closings and more. Purchasers can even learn how to earn cash back towards closing costs. The seminar will take place at the following location:
Thursday, April 6, 2017. 6-8pm
Suffolk Federal’s Sayville Branch
213 North Main Street
Sayville, NY 11782
To qualify for The First Home Club a purchaser needs to fulfill the following requirements:
1. Be a Suffolk Federal Member or be Member eligible
2. Be a First Time Home Buyer*.
3. Be a resident of New York State, New Jersey, Puerto Rico or Virgin Islands.
4. Agree to complete a homebuyer counseling program with a HUD approved Counseling Agency in member’s geographic area.
5. Open a dedicated First Home Club savings account with Suffolk Federal and agree to save systematically on a monthly basis for a minimum of 10 months and achieve home ownership within 24 months.
6. Gross household income must be less than 80% of the Median income in their current place of residence.
7. Obtain mortgage financing from Suffolk Federal, and
8. Household cannot be a full time matriculated student within 6 months of enrollment, as evidenced by the occupation on their tax returns, and/or other applicable documentation.
9. Member must agree to execute a legal recordable retention mechanism to ensure residency for a minimum of (5) years.
10. Purchase of home in New York or New Jersey
*A “First Time Home Buyer” is defined as an individual and his or her spouse who have not owned a home during a 3-year period prior to the purchase of the new home.
More information about First Home Club can be accessed through these helpful links which can also be found on Suffolk Federal’s website at www.suffolkfcu.org/holiday-vacation-club):
Should a purchaser not qualify for the FHC program, Suffolk Federal also offers the First Time Home Buyers Club account which is designed to help a purchaser save for this great investment and which will reward saving efforts at the same time.
Seating for the seminars are limited so you must register with Lisa at 631.924.8000 x8265 or via e-mail at firstname.lastname@example.org.
About Suffolk Federal
Suffolk Federal is a not-for-profit cooperative financial institution chartered in 1967 by the National Credit Union Administration (NCUA), and is owned and operated by its members. The volunteer-directed credit union has assets in excess of $1 billion and more than 55,000 members. Suffolk Federal offers all members incredible benefits like free checking, free online banking, low interest rates on home and auto loans and much more. Membership is open to anyone who lives, works, worships, attends school or regularly conducts business in Suffolk County, NY as well as immediate family members of current membership. To learn more, visit www.suffolkfcu.org, call 631.924.8000 or visit any Suffolk Federal branch today.